The market is expected to send WTI oil up by $5-10 in the wake of the Houthi rebels disrupting Saudi oil supplies amounting to approximately 5% of global oil supplies. What is rattling traders more is the US assertion that the attack in the early hours of Saturday morning was in fact made by Iran. Iran has denied any involvement. If this is not put to bed quickly and or Saudi oil supplies are returned to normal, there is talk of a $100 WTI oil price versus $55 on Friday evening.
With both the likelihood of NoDeal Brexit receding and the EU warming to the idea of a further extension plus some mixed but overall positive messages about Northern Ireland, the market took heart on Friday afternoon and those short of GBP ahead of the weekend found themselves facing a very painful Friday: GBP had its best session for a long time. Not even the prospect of the Prime Minister meeting the EU’s Jean-Claude Juncker today could dampen enthusiasm.
Last week saw SGM-FX presenting and participating at the annual Ooba sales force management conference in Sandton, Johannesburg. Ooba has a highly impressive 25% market share of RSA mortgage origination and is celebrating its 20th year in style with impressive across the board growth and profitability figures. SGM-FX is proud to partner with Ooba and looks forward to assisting the Ooba network with foreign ownership property transactions.
Discussion and Analysis by Humphrey Percy, Chairman and Founder